Karen Jones, Head of FICC Technical Analysis at Commerzbank, does not preclude a re-trial of the 1.1880/86 territories.
“EUR/USD is moving back gradually extremely close term yet while over the 20-day mama at 1.1681 we will keep on assuming a close term upside predisposition. The amendment higher stays in constraint for the present and is fit for testing the current high at 1.1880 and the 61.8% retracement at 1.1886. Over the 1.1858/1.1910 zone (early August and October highs) lies the 1.2092 September high”.
“Should disappointment at 1.1880/86 be seen then we should see the market retest the 200-day mama at 1.1327”.
“A slide back and close beneath the 20-day mama at 1.1685”.